Lithuania-based online marketplace Vinted to make second-hand the first choice raises €250 million
Europe’s largest online C2C marketplace Vinted, providing the means to their members to buy and sell second-hand fashion and home goods enabling them to shop with ease at low cost thus creating a sustainable circular economy, has today announced the closing of €250 million investment in a Series F funding round. The round is led by EQT Growth with Carolina Brochado also joining the board at Vinted. Previous backers Insight Partners, Lightspeed Ventures, Accel, Burda Principal Investments and Sprints Capital also participated in the round.
Vinted’s CEO Thomas Plantenga commented: “We are contributing to a seismic shift in the second-hand fashion market, enabling more sustainable, socially-responsible shopping habits. Our platform offers a great, easy-to-use product and helps people experience the benefits of second-hand trade.” Plantenga also said that “ We are delighted to be welcoming EQT Growth as our new investor and are grateful to our existing backers. We believe today’s milestone is a vote of confidence in our commitment to the circular economy and our relentless effort to build a business that encourages more people to buy and sell second-hand.”
“Vinted is transforming the second-hand fashion market across Europe through their customer-centric approach and extraordinary execution. Vinted is the perfect example of EQT Growth’s strategy of backing fast-growing European tech champions that tap into several macro trends, such as the increasing consumer demand for sustainability and continued penetration of online channels within fashion.” EQT Growth Partner Carolina Brochado explained. “We are immensely proud and excited to be supporting Thomas and the Vinted team and we cannot wait to work together to further unlock the market for circular fashion.”
In 2019 just before the pandemic, Vinted raised a €128 million funding round led by Lightspeed Venture Partners to become Lithuania’s first unicorn with the series F giving the company a pre-money valuation of €3.5 billion. With that positive impact of the pandemic, Vinted has no other plans than to use the funding to expand into new markets in Europe and further into the US by helping more people join the circular economy. Thus improving the overall buyer experience by investing in “trust and safety, payments, shipping, infrastructure and new product tools and features”.
Founded in 2008, Vinted has operations across 13 countries so far, Lithuania, Luxembourg, France, Germany, Belgium, Spain, Italy, the Netherlands, Austria, Poland, Czech Republic, Italy, UK and US with a community of more than 40 million users. A Vinted member can either upload their items to sell or buy already uploaded with just a “buyer protection” rate ranging from 3% to 8% of the value. The company will continue their journey to make second-hand fashion the first choice, while they also have in their long-term plans to allow members to sell goods for charity.
Thomas Plantenga also added “We want to replicate the success we’ve built in our existing European markets in new geographies and will continue investing not only to improve our product, but also to ensure we continue to have a positive impact”
Source: TechCrunch “Vinted raises $303 for its 2nd-hand clothes marketplace, used by 45M and now valued at $4.5B”